According to variety.com, in the wake of the impending departures of top Atlantic Music Group executives Julie Greenwald and Kevin Liles, layoffs have started at Atlantic Records. Everything began with Warner Music CEO Robert Kyncl describing the layoffs as “a new dynamic structure for the label group.”

A representative for the company declined comment but sources have told Variety the number of people affected by the layoffs is around 170 and the move is also a consolidation. So far, the people leaving Atlantic Records are GM/executive VP Paul Sinclair, president of Black music Michael Kyser, longtime head of publicity/EVP Sheila Richman, marketing EVP Grace James and touring SVP Harlan Frey.

Departing from Atlantic Records sister company 300 Elektra are EVP/general counsel Margo Scott, EVP Chris Brown, head of marketing Katie Robinson and sales/streaming chief Adam Abramson and other people. Incoming Atlantic CEO Elliot Grainge officially starts work on October, 1, while Warner’s head of recorded music, Max Lousada, also announced his departure earlier this year.

The move follows the layoffs of several dozen employees over the past 18 months. The waves of streaming that lifted the music industry’s fortunes in the mid-2010s after years of decline have leveled off, with the recorded music industry posting just 4 percent. Growth in the first half of 2024 after many years of double-digit increases.

And all three major companies and others have been laying off staff throughout the past couple of years. The downsizing seems likely to continue in the upcoming months as the industry seeks new revenue sources to replace the slow income from streaming.